Morning journal and courier., 1887-12-31
ANNIST0N,
Mere About Ghe Phenomenal Growth
 of this New City of the South.

Mere About Ghe Phenomenal Growth of this New City of the South.
 The COURIER some weeks ago gave an in terview with II. D. Lewis of Howard avenue
 regarding the new city of the South, Annis- ton. Mir. Lewis had been there and was en- thusiastic over the beauty and growth of this place. The Baltimore Journal of Com
 merce editorially gives more facts of the so- lidity and permaneney of the industrial
 growth of the South, and takes Anniston as
 of late. It says many northern papers are
 constantly claiming that the rapid industrial
 development of the South is all the result of
 speculation and that it is not financially
 sound. Those who say this have never in-
 vestigated the matter closely. 1t was in 1872
 that Anniston was first laid out by MessIs
 Tyler and NHble and a few associates, who
 formed the Woodstock Iron company with
 capital of $40, ,000. Everything they built
 was paid for in cash, issuing no bonds or
 notes and mourning no debts for the city.
 Three years ago it was estimated that they
 had spent nearly $2,O0O,OOO in cash
 in building new industries, laying out
 and perfecting this town. In 1886
 they thought railroad to open up a new
 territory would be of benefit to Anniston and
 so they built it at cost of $750, ,000 and paid
 for it. They built coke furnaces and furnaces
 to make charcoal iron. They are opening
 new mines to enlarge the coal output to 2, 400
 tons day and several hundred coke ovens
 are under construction. 'fThen, with an
 assured coke supply and an annual output of
 about 100, 900 tons of iron from their new
 furnaces, it was deemed wise to establish in
 dustries of various sorts to consume this iron
 at home and a local company was formed
 with cash capital of $300, 900 to build gas
 and water pipe works adjacent to the furnaces. These works are now under con- structi0n. They will probably be the largest in the United States and will employ nine hundred hands and turn out two hundred tons of iron pipe day. About the same time it was found that by building a short railroad to cost $1 1000, 900 Annisten would be brought into closer connection with the West and the time of travel to Cincinnati and other points reduced several hours. A local com pany was formed and the million dollars l raised. We have heard it said that the amount was secured in one day. This road l is now rapidly nearing completion. Not long since some New York and Eng fish capitalists were so impressed with I Anniston's advantages that they offered to | establish immense car and locomotive works, | to employ from 1 200 to 1, ,500 men, provided | the present car works and car wheel and axle | works could be secured at nucleus of $222,- 900; and that to the cash capital of $1 1,000,- | 000 Anniston people would contribute $150,- | GOO, making total from Anniston Gnclud- | ing the present car works) of $375, 900. The l owners of the car and car wheel and axle l works agreed to merge their establishments | into this immense enterprise on the basis | agreed upon, ,and then the other $150, ,000 was raised; and the Annisten paper says it was secured so easily as to surprise the committee having the matter in charge.
 MT. Samuel Noble stated to the writer re- gently: s'We have paid cash for all these in dustrial enterprises, these lands and these have cash in hand to build and run all the new enterprises under construc- tion; pay our workmen in cash ever week; ] have not issued not or a bond; there is not piece of debt-bearing paper in existence with our endorsement; we do not even discount l he notes received in payment of our iron, md if every bank in the United States were o fail, not piece of paper with our sigma
 ure on it would be returned to us.
 "Can the industrial history of the world furnish a parallel to this more than marvellous attestation of southern progress, as typifed in Annis- on! It has all been accomplished in four cen years and the greater part in less than 'ne-half of that time. It seems almost be- ! 'ond comprehension, and yet it is true It 1 demonstrates, as nothing else could do, the ! ubstantial and solid character of the South's wonderful industrial growth"
 The Journal of Commerce concludes with | he following: "This is our answer to the l ft-repeated slurs upon the Souths rapid de l elopment, and to the statements of those l !: 7ith whom in some cssas-tthe wish is father Q the thought tb it is all a specu- ation that must soon end"